The Spring 2014 Mercedes Benz Fashion Week at the Lincoln Center comes to an end Thursday. All week, ambitious styles for the distant warmer months have been praised and panned by the critics. World class designers, their staffs, the models and NYC visitors will soon be back to life as usual – having spent nearly $1 billion dollars for events and activities tied to the fashion extravaganza.
Last week, this blog and The Michael S. Robinson Show honored #MBFW by exploring the business of menswear. So, this week, we’ll look at the economic impact of women’s wear on our economy.
This year, people will spend $1.2 trillion dollars on online purchases, with clothing and accessories making up the largest percentage of sales.
In the United States, over $250 billion is spent on fashion annually.
Revenue for women's clothing stores alone are expected to grow 2.3% to $42.1 billion by the close of 2013.
Moreover, revenue is anticipated to grow through 2018 as women stock up on essential wardrobe items they avoided purchasing during The Recession.
Every year Forbes magazine pays tribute to the world's most powerful women. But this year, Diane von Furstenberg, Gisele Buchen, Anna Wintour, Tory Burch, Rosalia Mera, Miuccia Prada and Angela Ahrendts all made the list proving that fashion is truly a force to be reckoned with.
[Images via 1, 2, 3, 4]